a pricing strategy in which prices are set at a high level, recognising that lower prices will inhibit sales rather than encourage them and that buyers will associate a high price for the product with superior quality; also called Image Pricing.
a pricing strategy in which prices are set at a high level, recognising that lower prices will inhibit sales rather than encourage them and that buyers will associate a high price for the product with superior quality; also called Image Pricing.
a pricing strategy in which prices are set at a high level, recognising that lower prices will inhibit sales rather than encourage them and that buyers will associate a high price for the product with superior quality; also called Image Pricing.
Nike is a perfect example of a company that effectively uses prestige pricing, which is a pricing strategy where prices are set higher than normal because lower prices will actually hurt sales.
For better or worse, we tend to associate price with quality. If it costs more, it's better. This is called the price-quality heuristic. Prestige pricing works because it invites the purchaser (and envious onlookers for that matter) to assume a certain degree of quality and exclusivity.
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